Private equity firm scores ‘biggest ever return’ on exit of veterinary group
Sovereign Capital Partners has secured what is says is its strongest ever gross return after selling West Midlands veterinary services provider Linnaeus Group to US-based Mars.
Linnaeus Group is one of the UK’s leading veterinary services providers. Sovereign first backed the company in September 2014, when it was known as the Willows Veterinary Centre and Referral Service and operated from a single hospital in the West Midlands.
Under Sovereign’s ownership the company made 21 acquisitions expanding its offering and geographic reach.
The company’s employee headcount also grew from 120 to more than 1,400, over 87 sites.
The financial terms of the sale were not disclosed, however Sovereign’s fourth fund – which closed in 2014 at £395m – invests up to £50m in serviced based companies.
Lynne Hill, CEO at Linnaeus Group, said: “Our expansion with Sovereign has been both pacey and exciting. It’s not just that Sovereign have supported our M&A activity, their commitment to investing in the best, focusing on what really matters, and providing development funding has been fantastic.
“We look forward to continuing to develop Linnaeus further over the years ahead.”
Neil Cox, partner at Sovereign, added: “From the moment we first visited Willows, the original platform, and saw the sheer quality of service and care offered, we knew that this was a really special opportunity and one we wanted to develop further. It has been a fantastic growth journey and reflects our commitment to partnering with strong businesses and management teams to deliver growth, whether organically or through strategic acquisitions. We wish the management team and the business every success for the future.”
